Symbotic (NASDAQ:SYM) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Symbotic (NASDAQ:SYM) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $60.00 target price on the stock.

Several other equities analysts have also weighed in on SYM. Needham & Company LLC raised their target price on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday. Citigroup reduced their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Friday, October 11th. Vertical Research started coverage on shares of Symbotic in a report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective for the company. Finally, The Goldman Sachs Group lowered their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Price Performance

Shares of Symbotic stock opened at $39.02 on Tuesday. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81. The stock has a 50-day simple moving average of $27.00 and a 200-day simple moving average of $31.09. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the previous year, the company earned ($0.08) earnings per share. The company’s revenue was up 47.2% compared to the same quarter last year. As a group, equities research analysts predict that Symbotic will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Monday, November 4th. The shares were sold at an average price of $28.15, for a total transaction of $56,300.00. Following the sale, the director now owns 214,036 shares in the company, valued at $6,025,113.40. The trade was a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael David Dunn sold 5,266 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the completion of the transaction, the insider now owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock valued at $1,378,056 over the last three months. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its stake in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares in the last quarter. Vanguard Group Inc. boosted its position in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares in the last quarter. Thematics Asset Management grew its stake in Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after buying an additional 242,661 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after buying an additional 379,726 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.